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Neah Power Systems Development Effort Furthered by Investment from Intel Capital

Micro Fuel Cell Innovator Working to Enable All-Day Computing for Notebook PCs

BOTHELL, Wash. Feb. 10, 2003
Neah Power Systems, Inc., an emerging leader in micro fuel cell technology, today announced the addition of Intel Capital as one of the Company’s growing list of investors. Intel Capital joined Alta Partners and Frazier Technology Ventures as investors in Neah Power Systems’ closing of its Series B financing round in August 2002.

Neah Power Systems also unveiled today its product development roadmap for delivering long-lasting power solutions for mobile electronic devices, such as notebook PCs, portable DVD players, and advanced communications products. The company believes that its patent-pending, silicon-based design architecture for its fuel cell “engine” promises high levels of efficiency, high power densities, and, most importantly, small physical form-factors. Neah Power Systems’ goal is to create a fuel cell that fits within a notebook PC’s internal battery bay and provide all-day computing on a single fuel cartridge, a two to three times improvement in energy storage capacity versus current rechargeable batteries.

“Intel believes the growing use of mobile computing devices, such as Intel Centrino mobile technology-based notebooks, will continue to accelerate, especially as Wi-Fi network usage grows and new power technologies enable PCs to run several hours longer while unplugged,” said Don MacDonald, director of marketing for Intel’s Mobile Platforms Group. “Intel Capital invests in companies, like Neah Power, that are pursuing radically new approaches to this power challenge, with the ultimate goal of enabling users to ‘cut the AC cord.’ This could bring us closer to achieving all-day mobile computing.”

“Mobile computing via networks like Wi-Fi changes everything,” said Dan Rosen, chairman of the board for Neah Power Systems and managing partner of Frazier Technology Ventures. “We expect that there will be significant demand from millions of wireless notebook and tablet PC users for extended power capability and believe that Neah Power’s silicon-based approach will meet this demand for more power. We’re thrilled to have Intel Capital as an investor.”

About Neah Power Systems

Neah Power Systems is a micro fuel cell development company using a patent-pending, silicon-based design to provide long-lasting, efficient, and safe power solutions for portable electronic devices, including notebook PCs and other power-hungry computer, entertainment, and communications products. As an emerging leader in fuel cell technology and design, Neah Power Systems believes that its products will allow users to extend the operating time of their devices multiple times beyond that of conventional batteries. Key investors include Alta Partners, Frazier Technology Ventures and Intel Capital. Neah Power Systems is headquartered just outside of Seattle in Bothell, Wash. Further company information can be found at www.neahpower.com or by calling (425) 424-3324.

About Intel Capital

Intel Capital, Intel’s strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel’s strategic interests. Intel Capital invests in hardware, software, and service companies in several market segments, including computing, networking, and wireless communications. For more information, visit www.intel.com/capital.

For More Information

For press inquiries or additional information, please email ir@neahpower.com.